Penn Series Information

Fund Profiles
Penn Series Limited Maturity Bond Fund
Seeks to maximize total return consistent with preservation of capital
The Fund invests primarily in short- to intermediate-term investment grade debt securities of the U.S. government and corporate issuers.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.70% |
Top 10 Holdings2 |
---|
Navient Student Loan Trust 2016-5 |
Slm Student Loan Trust 2014-2 |
Gs Mortgage-Backed Securities Trust 2021-Pj7 |
Fremf 2015-K44 Mortgage Trust |
State Street Corp |
Fremf 2017-K727 Mortgage Trust |
Fremf 2016-K53 Mortgage Trust |
Wells Fargo & Co |
Crestline Denali Clo Xvi Ltd |
Anchorage Capital Clo 2013-1 Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Quality Bond Fund
Seeks the to maximize total return over the long term consistent with the preservation of capital
The Fund invests primarily in marketable investment grade debt securities that are believed to be undervalued based on their quality, maturity and sector in the marketplace.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.68% |
Top 10 Holdings2 |
---|
Fannie Mae Pool |
Freddie Mac Remics |
Fremf 2018-K731 Mortgage Trust |
Fremf 2019-K735 Mortgage Trust |
United States Treasury Inflation Indexed Bonds |
Freddie Mac Pool |
Fremf 2016-K52 Mortgage Trust |
Fremf 2015-K48 Mortgage Trust |
Smb Private Education Loan Trust 2015-C |
Benchmark 2019-B9 Mortgage Trust |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series High Yield Bond Fund
Seeks to realize high current income
The Fund invests primarily in high-yield corporate bonds that are rated below investment grade, as well as income producing convertible securities and preferred stocks.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.74% |
Top 10 Holdings2 |
---|
Service Corp International/Us |
Chesapeake Energy Corp |
Occidental Petroleum Corp |
Transdigm Inc |
Tallgrass Energy Partners Lp / Tallgrass Energy Finance Corp |
Scientific Games International Inc |
Go Daddy Operating Co Llc / Gd Finance Co Inc |
Acadia Healthcare Co Inc |
Tenet Healthcare Corp |
Cheniere Energy Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Flexibly Managed Fund
Seeks to maximize total return (capital apprecaition and income)
The Fund invests in common stocks of well established U.S. companies with above-average potential for capital growth as well as convertible securities, preferred stocks, corporate and governmental debt securities.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
Total Annual Fund Operating Expenses1 | 0.88% |

Top 10 Holdings2 |
---|
Microsoft Corp |
United States Treasury Note/Bond |
United States Treasury Note/Bond |
Apple Inc |
Unitedhealth Group Inc |
Amazon.Com Inc |
Fortive Corp |
The Pnc Financial Services Group Inc |
Intercontinental Exchange Inc |
Thermo Fisher Scientific Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Balanced Fund
Seeks long-term growth and current income
The Fund invests in a combination of underlying Penn Series Funds with an allocation strategy designed to provide a mix of the growth opportunities of stock investing with the income opportunities of fixed income securities.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.70% |
Holdings |
---|
Index 500 Fund |
Quality Bond Fund |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Growth Stock Fund
Seeks long-term capital growth
The Fund invests in common stocks of well established companies that are believed to have long-term growth potential and an above-average rate of earnings growth.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
Total Annual Fund Operating Expenses1 | 0.97% |

Top 10 Holdings2 |
---|
Microsoft Corp |
Apple Inc |
Amazon.Com Inc |
Nvidia Corp |
Alphabet Inc |
Unitedhealth Group Inc |
Visa Inc |
Mastercard Inc |
Intuit Inc |
Asml Holding Nv |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Growth Fund
Seeks to achieve long-term capital appreciation
The Fund invests in companies believed to have above average earnings growth potential compared to other growth companies.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Massachusetts Financial Services Company |
Total Annual Fund Operating Expenses1 | 0.89% |

Top 10 Holdings2 |
---|
Microsoft Corp |
Alphabet Inc |
Apple Inc |
Visa Inc |
Accenture Plc |
Church & Dwight Co Inc |
Amphenol Corp |
Aon Plc |
Adobe Inc |
Boston Scientific Corp |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Growth Fund
Seeks to provide growth of capital
The Fund invests in securities of companies with strong name recognition and sustainable competitive advantages.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Delaware Investments Fund Advisers |
Total Annual Fund Operating Expenses1 | 0.87% |

Top 10 Holdings2 |
---|
Uber Technologies Inc |
Snowflake Inc |
Cloudflare Inc |
The Trade Desk Inc |
Shopify Inc |
Roblox Corp |
Doordash Inc |
Royalty Pharma Plc |
Amazon.Com Inc |
Asml Holding Nv |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Value Fund
Seeks to achieve long-term growth of capital
The Fund invests in securities of companies it believes possess a structual competitve advantage or durable market leadership position.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | AllianceBernstein L.P. |
Total Annual Fund Operating Expenses1 | 0.94% |

Top 10 Holdings2 |
---|
Philip Morris International Inc |
Berkshire Hathaway Inc |
Elevance Health Inc |
Gilead Sciences Inc |
Mastercard Inc |
Jpmorgan Chase & Co |
Roche Holding Ag |
Cisco Systems Inc |
Amgen Inc |
Raytheon Technologies Corp |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Value Fund
Seeks total return
The Fund invests primarily in dividend-paying value stocks and may also invest in REITs, non-income producing stocks and fixed-income securities such as convertible debt.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Eaton Vance Management |
Total Annual Fund Operating Expenses1 | 0.93% |

Top 10 Holdings2 |
---|
Alphabet Inc |
Wells Fargo & Co |
The Walt Disney Co |
Nextera Energy Inc |
Chevron Corp |
The Charles Schwab Corp |
The Hershey Co |
Constellation Brands Inc |
American International Group Inc |
Reinsurance Group Of America Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Index 500 Fund
Seeks a total return (capital appreciation and income) which corresponds to that of the S&P 500® Index
The Fund invests in securities of the S&P 500® Index in an attempt to replicate the performance of the Index.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | SSGA Funds Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.35% |

Top 10 Holdings2 |
---|
Apple Inc |
Microsoft Corp |
Amazon.Com Inc |
Nvidia Corp |
Alphabet Inc - Class A |
Tesla Inc |
Berkshire Hathaway Inc |
Alphabet Inc - Class C |
Meta Platforms Inc |
Exxon Mobil Corp |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Growth Fund
Seeks to maximize capital appreciation
The Fund invests in equity securities believed to have strong earnings growth potential and that are diversified across economic sectors.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Delaware Investments Fund Advisers |
Total Annual Fund Operating Expenses1 | 0.98% |

Top 10 Holdings2 |
---|
Marketaxess Holdings Inc |
Costar Group Inc |
Dexcom Inc |
Monolithic Power Systems Inc |
Pinterest Inc |
Borgwarner Inc |
Microchip Technology Inc |
Teradyne Inc |
Heico Corp |
Arista Networks Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Value Fund
Seeks to achieve growth of capital
The Fund invests in the equity securities of high quality companies believed to be trading at substantial discount to their intrinsic value where there is a strategic plan or event that is expected to both enhance value and narrow the value/price gap.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Janus Henderson Investors US LLC |
Total Annual Fund Operating Expenses1 | 0.83% |

Top 10 Holdings2 |
---|
The Hartford Financial Services Group Inc |
Laboratory Corp Of America Holdings |
Alliant Energy Corp |
Entergy Corp |
Cardinal Health Inc |
Equity Lifestyle Properties Inc |
Msc Industrial Direct Co Inc |
Ametek Inc |
Baker Hughes Co |
Casey'S General Stores Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Core Value Fund
Seeks to achieve capital appreciation
The Fund invests in companies whose stock price may not reflect the company’s value and hold each stock until its price more accurately reflects the fair value of the company.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | American Century Investment Management, Inc. |
Total Annual Fund Operating Expenses1 | 1.04% |

Top 10 Holdings2 |
---|
Zimmer Biomet Holdings Inc |
Northern Trust Corp |
Edison International |
The Bank Of New York Mellon Corp |
The Allstate Corp |
Koninklijke Ahold Delhaize Nv |
Conagra Brands Inc |
Spire Inc |
Henry Schein Inc |
Packaging Corp Of America |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Growth Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized growth companies believed to have unique business models, sustainable growth and knowledgeable management teams.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
Total Annual Fund Operating Expenses1 | 1.05% |

Top 10 Holdings2 |
---|
Lattice Semiconductor Corp |
Five Below Inc |
Allegro Microsystems Inc |
Ashland Inc |
Deckers Outdoor Corp |
Bj'S Wholesale Club Holdings Inc |
Core & Main Inc |
Aaon Inc |
Texas Roadhouse Inc |
Rbc Bearings Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Value Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized companies that are believed to be undervalued and have long-term earnings potential.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | AllianceBernstein L.P. |
Total Annual Fund Operating Expenses1 | 1.18% |

Top 10 Holdings2 |
---|
First Citizens Bancshares Inc |
Envista Holdings Corp |
Everest Re Group Ltd |
Idacorp Inc |
Pultegroup Inc |
Integra Lifesciences Holdings Corp |
Knight-Swift Transportation Holdings Inc |
Berry Global Group Inc |
Dycom Industries Inc |
Nomad Foods Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Growth Fund
Seeks capital appreciation
The Fund invests in small capitalization companies with differentiated business models and sustainable competitive advantages; holds these companies to capture more growth potential over a longer period.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Janus Henderson Investors US LLC |
Total Annual Fund Operating Expenses1 | 1.02% |

Top 10 Holdings2 |
---|
Nice Ltd |
On Semiconductor Corp |
Catalent Inc |
Crown Holdings Inc |
Rentokil Initial Plc |
Ss&C Technologies Holdings Inc |
Wns Holdings Ltd |
The Descartes Systems Group Inc |
Osi Systems Inc |
Ats Corp |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Value Fund
Seeks capital appreciation
The Funds invests in well-positioned cash generating businesses at a price considered low enough to help provide a healthy margin of safety.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
Total Annual Fund Operating Expenses1 | 1.01% |

Top 10 Holdings2 |
---|
Physicians Realty Trust |
Stag Industrial Inc |
Selective Insurance Group Inc |
Terreno Realty Corp |
Arcosa Inc |
Kbr Inc |
Hostess Brands Inc |
Meritage Homes Corp |
Abm Industries Inc |
Ryman Hospitality Properties Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Index Fund
Seeks a replicate the returns and characteristics of a small cap index
The Fund invests in securities of companies included in the Russell 2000® Index to attempt to replicate the performance of the Index.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | SSGA Funds Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.70% |

Top 10 Holdings2 |
---|
Emcor Group Inc |
Shockwave Medical Inc |
Iridium Communications Inc |
Crocs Inc |
Texas Roadhouse Inc |
Saia Inc |
Inspire Medical Systems Inc |
Rbc Bearings Inc |
Kinsale Capital Group Inc |
Apellis Pharmaceuticals Inc |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Developed International Index Fund
Seeks to replicate the returns and characteristics of an international index composed of securities from developed countries
The Fund invests in securities listed in the Morgan Stanley Capital International® Europe, Australia, Far East (MSCI EAFE) Index in an attempt to replicate the Index.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | SSGA Funds Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.90% |

Top 10 Holdings2 |
---|
Nestle Sa |
Asml Holding Nv |
Novo Nordisk A/S |
Lvmh Moet Hennessy Louis Vuitton Se |
Astrazeneca Plc |
Shell Plc |
Roche Holding Ag |
Novartis Ag |
Bhp Group Ltd |
Toyota Motor Corp |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series International Equity Fund
Seeks to achieve capital appreciation
The Fund invests primarily in higher quality growth companies with consistent operating histories, financial performance and long-term prospects operating in Europe and the Pacific Basin.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Vontobel Asset Management, Inc. |
Total Annual Fund Operating Expenses1 | 1.08% |

Top 10 Holdings2 |
---|
Relx Plc |
Constellation Software Inc/Canada |
London Stock Exchange Group Plc |
Nestle Sa |
Mastercard Inc |
Ferrari Nv |
Flutter Entertainment Plc |
Alcon Inc |
Rentokil Initial Plc |
L'Oreal Sa |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Emerging Markets Equity Fund
Seeks to achieve capital appreciation
The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (or equity-linked instruments) of issuers of any capitalization located in emerging market countries
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Vontobel Asset Management, Inc. |
Total Annual Fund Operating Expenses1 | 1.33% |

Top 10 Holdings2 |
---|
Tencent Holdings Ltd |
Taiwan Semiconductor Manufacturing Co Ltd |
Housing Development Finance Corp Ltd |
Samsung Electronics Co Ltd |
Wal-Mart De Mexico Sab De Cv |
President Chain Store Corp |
Alibaba Group Holding Ltd |
Bank Rakyat Indonesia Persero Tbk Pt |
Hong Kong Exchanges & Clearing Ltd |
Eicher Motors Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Real Estate Securities Fund
Seeks to achieve a high total return consistent with reasonable investment risks
The Fund invests in common stocks and other equity securities issued by real estate companies of any market capitalization, including real estate investment trusts (REITs).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Cohen & Steers Capital Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.97% |

Top 10 Holdings2 |
---|
Prologis Inc |
Public Storage |
Simon Property Group Inc |
Welltower Inc |
Realty Income Corp |
Digital Realty Trust Inc |
Invitation Homes Inc |
Equinix Inc |
Crown Castle Inc |
American Tower Corp |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Aggressive Allocation Fund
Seeks to achieve long-term capital growth consistent with its asset allocation strategy
The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (85%-100% of its assets in equity funds and 0%-15% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.19% |
Top 10 Holdings2 |
---|
Index 500 Fund |
International Equity Fund |
Developed International Index |
Emerging Markets Equity Fund |
Large Core Value Fund |
Flexibly Managed Fund |
Large Cap Value Fund |
Mid Core Value Fund |
Quality Bond Fund |
Small Cap Index Fund |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Aggressive Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (70%-100% of its assets in equity funds and 0%-30% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.13% |
Top 10 Holdings2 |
---|
Index 500 Fund |
International Equity Fund |
Quality Bond Fund |
Limited Maturity Bond Fund |
Developed International Index |
Large Core Value Fund |
Flexibly Managed Fund |
Large Cap Value Fund |
Emerging Markets Equity Fund |
Mid Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderate Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (50%-70% of its assets in equity funds and 30%-50% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.09% |
Top 10 Holdings2 |
---|
Quality Bond Fund |
Index 500 Fund |
Limited Maturity Bond Fund |
International Equity Fund |
Flexibly Managed Fund |
Emerging Markets Equity Fund |
Mid Core Value Fund |
Developed International Index |
Large Core Value Fund |
High Yield Bond Fund |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (30%-50% of its assets in equity funds and 50%-70% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.08% |
Top 10 Holdings2 |
---|
Quality Bond Fund |
Limited Maturity Bond Fund |
Index 500 Fund |
Flexibly Managed Fund |
International Equity Fund |
High Yield Bond Fund |
Large Core Value Fund |
Developed International Index |
Mid Core Value Fund |
Large Cap Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (20%-40% of its assets in equity funds and 60%-80% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.06% |
Top 10 Holdings2 |
---|
Quality Bond Fund |
Limited Maturity Bond Fund |
Flexibly Managed Fund |
Index 500 Fund |
High Yield Bond Fund |
Large Core Value Fund |
Developed International Index |
Mid Core Value Fund |
International Equity Fund |
Real Estate Securities Fund |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Money Market Fund
Government money market fund that seeks current income, while preserving capital and liquidity
Invests only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including relating to maturity, diversification, liquidity and credit quality.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.59% |
Top 10 Holdings2 |
---|
Federal National Mortgage Association - 7/10/23 |
Federal Home Loan Mortgage Corp - 5/5/23 |
Federal Home Loan Mortgage Corp - 4/20/23 |
Federal Farm Credit Discount Notes - 4/6/23 |
Federal Home Loan Bank Discount Notes - 5/26/23 |
Federal Home Loan Bank Discount Notes - 6/12/23 |
Federal National Mortgage Association - 5/22/23 |
United States Treasury Bill - 5/18/23 |
United States Treasury Note/Bond - 6/15/23 |
Federal Home Loan Banks - 7/26/23 |
1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
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